Inoperative PF accounts to earn interest from April 1
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Employees' Provident Fund Organisation (EPFO) has decided to provide interest on inoperative accounts from 1st of next month. The move will benefit over nine crore such account-holders with a total deposits of over Rs 32,000 crore. The decision was taken by the EPFO apex decision making body Central Board of Trustees headed by Labour Minister Bandaru Dattatreya.
Talking to reporters after the meeting in New Delhi today, Mr Dattatreya said, the Ministry has decided to credit interest in inoperative accounts and there will not be any inoperative accounts. He said, UPA government which was claiming to be a pro-worker, had stopped the interest on inoperative accounts.
Inoperative accounts are those wherein the contribution has not been received for 36 months. EPFO had stopped payment of interest to such accounts from 1st of April 2011. #casansaar.
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